Explanation:
The term 'Important business services' refers to the shift in focus from a process-based view of continuity to a service-based view. This shift is crucial to ensure the continuity of operations. In the process-based view, the emphasis is on maintaining the continuity of specific processes within the organization. However, this approach may not necessarily ensure the continuity of the overall business services that the organization provides. Therefore, the regulator moved to a service-based view to ensure continuity.
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Q.5052 Bank ABC wishes to strengthen its operational resilience. The bank invites a consultant to give more insights into this area. In his definition of resilience, the consultant clarifies that according to BCBS, resilience cannot be defined in a single sentence but rather comprises four components. Which of the following components is correctly defined?
A
Continuity of business services: To contribute to the stability of the system, firms should respond to disruptions, maintain trust among key stakeholders, and provide clarity of communication during a crisis
B
Important business services: From a process-based view of continuity, the regulator moved to a service-based view to ensure continuity
C
Management of disruption: It protects vital business services from disruption
D
Lessons learned: Firms should learn from past events and cover predictable shocks only